Forvis Mazars shakes up professional services industry with its new US$5 billion global network
- Written by Telegraph Magazine
Largest new entrant in global top 10 rankings in decades Key leadership roles announced
SINGAPORE - Media OutReach Newswire - 3 June 2024 - Two leading professional services firms, Mazars, an international partnership operating in over 100 countries and territories, and FORVIS, a top-ranked firm in the United States, today mark the official launch of their unified new global network, Forvis Mazars.With combined revenues of approximately US$5 billion, Forvis Mazars is the largest new entrant in decades to be in the top 10 global network* rankings. As a unique two-firm-only network, Forvis Mazars provides the agility, capacity, and coverage to support clients wherever they operate. This move also brings increased choice and competition, enhancing the professional services landscape in Singapore and the Asia Pacific region and underscoring the firm's commitment to serving the public interest while meeting the evolving needs of businesses in the region.
Key leadership positions revealed
The network comprises two members: Forvis Mazars, LLP in the United States and Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries and territories. The network will be governed by a structure that includes a Global Network Board responsible for enabling seamless collaboration and client delivery worldwide.
Global Network Board:
- Hervé Hélias will serve as the first Chair of the Global Network Board. He will also continue to serve his ongoing mandate as Chairman of the Group Executive Board of Forvis Mazars Group, SC (formerly Mazars Group). Matt Snow, Chairman of Forvis Mazars, LLP (formerly FORVIS, LLP), will serve as Vice Chair of the Global Network Board.
- In the United States, Tom Watson will continue serving as CEO of Forvis Mazars, LLP (formerly FORVIS, LLP) and sit on the Global Network Board. Rob Pruitt, Fran Randall, and Tim York from Forvis Mazars, LLP will sit on the Global Network Board.
- David Chaudat, Pascal Jauffret, Véronique Ryckaert and Phil Verity from Forvis Mazars Group will sit on the Global Network Board.
Hélias comments: "This is a momentous and exciting time for our clients, profession, and people. Mazars and FORVIS have worked together for over 20 years and share a commitment to delivering outstanding client experience. We are well positioned to deliver excellence, everywhere, under a single global brand. Clients will get consistent, high-quality, comprehensive services worldwide, and we remain agile and flexible to their specific needs. I am extremely proud to serve as the first Chair of the Global Network Board. Working together, I am confident that our two firms will continue to empower our people to raise the bar for client service standards, while challenging industry opportunities to support future needs in local markets."
"Forvis Mazars is built on our commitment to listen to our clients, anticipate the challenges they face, and deliver an unmatched client experience in all that we do," Watson said. "This new network will quickly unlock new opportunities for our clients and people, and both groups can feel confident that we are making decisions with their long-term success in mind."
Forvis Mazars in Singapore
The integration of FORVIS and Mazars marks a significant milestone for Mazars' operations in Singapore. The strategic alliance will benefit clients in Singapore and the region with enhanced resources, a more robust service offering, a more comprehensive international presence, and broader expertise in advisory, tax, and audit capabilities.
Rick Chan, Managing Partner at Forvis Mazars in Singapore, says, "The integration of FORVIS and Mazars will streamline our processes, allowing for greater resource sharing and technology advancements, leading to increased efficiency and effectiveness in our service delivery especially for our clients with significant presence in the US including those seeking fund raising on the US capital markets. For our local staff, this move will open new training opportunities, career development paths, and access to a broader network of global expertise, fostering a more enriching work environment."
He continued, "As a firm that upholds high standards, this move will strengthen our market position within the region and help us achieve ambitious growth targets for the year while maintaining a sustainable business model. We are excited about the future and committed to leveraging this partnership to deliver exceptional value to our clients and contribute to the dynamic business landscape in Singapore."
Forvis Mazars in Singapore has over 400 employees and has supported businesses of all sizes and industries for over 15 years. In 2022/2023, Mazars in Singapore reported a fee income of S$37.4m, reflecting a 24% growth year-on-year. This revenue was driven mainly by significant growth in audit and assurance services, which forms approximately 60% of the firm's Singapore business. Other revenue contributions come new business opportunities and the strategic expansion of the financial advisory services and risk consulting business line.
*Source: IAB World Network rankings 2023.
Based on 2023 revenues of Mazars €2.8bn ($3bn) and FORVIS €1.6bn ($1.7bn)
Hashtag: #audit #accounting #advisory #consulting #professionalservices
https://www.forvismazars.com./sg
https://www.linkedin.com/company/forvis-mazars-singapore
The issuer is solely responsible for the content of this announcement.
About Forvis Mazars
Forvis Mazars is a leading global professional services network. The network operates under a single brand worldwide, with just two members: Forvis Mazars LLP in the United States and Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries and territories. Both member firms are committed to providing an unmatched client experience, delivering audit & assurance, tax and advisory services around the world. Together, our strategic vision strives to move our clients, people, industry and communities forward.
Forvis Mazars is the brand name for the Forvis Mazars Global network (Forvis Mazars Global Limited) and its two independent members: Forvis Mazars LLP in the United States and Forvis Mazars Group SC. Forvis Mazars Global Limited is a UK private company limited by guarantee and does not provide any services to clients.
Visit forvismazars.com/global to learn more.
